In terms of their financial preferences and habits, high-net-worth GenXers are not much different from their Baby Boomer parents, according to a survey commissioned by the MainStay division of New York Life Investment Management.
"Theyre almost identical in financial terms," said Beverly Moore, head of retail marketing. "Thirty-one percent of GenXers and 36 percent of Baby Boomers have purchased mutual funds through a mutual fund company. Forty-six percent of GenXers and 42 percent of Boomers manage their retirement accounts online, and 24 percent of GenXers and 25 percent of Boomers have online brokerage accounts."
Moore said that financial advisors often overlook the GenX market, yet there are more than 2 million GenX households that can be classified as having high net worth.
"With over $708 billion at their disposal and an investment horizon 10-15 years longer than their parents, GenX is definitely worth the investment of financial advisors," said Moore, who noted that nearly 40 percent of high-net-worth GenXers surveyed work with an advisor. About two-thirds of the remainder consider using an advisor in the future, she added.